Oil refinery for Papua

InterOil Corporation has announced that Clough Niugini Ltd has been awarded the contract to build Papua New Guinea’s first oil refinery, a USD 204 million project. InterOil will pay USD 93 million, of which USD 83 million is due to Clough Niugini Ltd. The balance of USD 10 million is to fund related capital and financing costs for
InterOil. Clough Niugini is the Papua New Guinea operating arm of the Australian
engineering and construction contracting company Clough Engineering Ltd. Clough Niugini will undertake the engineering, procurement, construction and commissioning of the InterOil petroleum refinery project near Port Moresby. Work on the project will begin immediately and the refinery is due to be operational in late 2003.

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